lukescream

RSI Multi Time Frame - Spot Panic Sell Moments and profit!

Union of three RSI indicators: 1h, 4h and daily. In order to show 1h RSI , you have to set it as active time frame on the chart.

Purpose: spot "triple oversold" moments, where all the three RSI are under the threshold, which is 30 by default but editable.

Target Market: Cryptocurrencies. Didn't try it on other ones, may work as well. Fits Crypto well as, by experience, I can tell it usually doesn't stay oversold for long.

When the market panics and triple oversold occurs, the spot is highlighted by a green vertical bar on the indicator.

The indicator highlights triple overbought conditions as well (usually indicating strong FOMO), but I usually don't use it as a signal.

I suggest to edit the oversold threshold in order to make it fit the coin you're studying, minimizing false positives.

Special thanks to Heavy91, a Discord user, for inspiring me in this indicator.

Any editing proposal is welcome!

I reposted this script, as the first time I wrote it in Italian. Sorry for that.
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?

Kommentare

Thanks for this.
Antworten
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